Our students are thinking: “At least it’s not Argentina again.” We’re thinking: “This is great, a real-world experiment we can talk about for years.”
Some things to think about as the Greeks vote “no”:
- Anil Kashyap on how we got here, the best thing we’ve read on the topic. It’s like “Murder on the Orient Express,” everyone’s guilty. Here’s another one if you like this kind of thing.
- This likely means more austerity not less. Without support from the IMF and EU, Greece will have to finance government spending with its own tax revenue. That’s true even if it pays nothing on its debt.
- Kim Schoenholtz on the difference between Greece and Puerto Rico: PR’s banks aren’t supported by local deposit insurance, Greece’s are. If the banks go under, that’s bad for everyone. It will be interesting to see if the European Central Bank reverses its
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Utopia, you are standing in it! 
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